Wolverine Worldwide has amended and extended the company's senior secured credit facilities. The amended credit agreement consists of a $450 million term loan and a $500 million revolving credit facility, an overall facility increase of $300 million.  In addition to increasing the overall size of the company's borrowing capacity, the amended credit agreement extends the maturity date of the facilities, lowers the cost of the company's debt, lowers cash required during the first three years, and increases flexibility with respect to stock repurchases and other restricted uses of cash.

An 8-K filing with the Securities and Exchange Commission notes that JPMorgan Chase Bank is the administrative agent on the facility. To view Wolverine Worldwide's 8-K filing with the SEC, click here.

The Amendment amended the Credit Agreement to, among other things: (i) provide for a term loan A facility (the “Term Facility”) in an aggregate principal amount of $450 million, which will replace the existing term loan facility under the Credit Agreement; (ii) provide for an increased revolving credit facility (the “Revolving Facility” and, together with the Term Facility, the “Senior Credit Facilities”) in a total amount of $500 million, an increase of $300 million from the existing $200 million revolving credit facility; (iii) provide for certain incremental credit facilities (the “Incremental Facilities”), provided that the aggregate amount outstanding under the Senior Credit Facilities and the Incremental Facilities cannot exceed $1,450 million unless certain specified conditions set forth in the Credit Agreement are met; and (iv) amend the leverage based pricing grid applicable to the Senior Credit Facilities, as described below.  In addition, the Amendment amended the Credit Agreement to create flexibility to add foreign subsidiaries as borrowers in the future, subject to certain specified conditions.  The foreign currency borrowing sublimit was increased from $100 million to $200 million.

Wolverine World Wide, Inc. is one of the world's leading marketers of branded casual, active lifestyle, work, outdoor sport, athletic, children's and uniform footwear and apparel.